Latvia’s Ministry of Finance on new tax regulations
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Local media outlets reported on Latvia‘s Ministry of Finance suggestion about not to tax winnings on gambling and lottery up to 7200 EUR. At present time in Latvia winnings that exceed 3000 EUR are taxed, this new law came into effect on the 1st of January 2018, this being a part in the countries tax reform.
The Ministry also plans the introduction of a 23 % taxation on winnigs above 7200 EUR. The statistics show us that one third of Latvians play local Latvijas Loto lottery. Latvijas Loto turnover has been steadily increasing year by year: in 2015, the company’s turnover was 24.68 million euros – 13% more than in 2014, and revenue amounted to more than 4 million.
In 2016 the turnover of Latvijas Loto amounted to more than 29 million euros, and revenue was 5 million.
Source: European Gaming Industry News